Author Topic: income challenged, tri-continental family. E is out of the question, but R?  (Read 3843 times)

Lepetitange3

  • Bristles
  • ***
  • Posts: 356
Sad but positive development I think.  You can't do everything for him yourself.  And if Dad was in a totally right state of mind, one hopes he wouldn't want you to jeopardize your future to be 100% of everything for him. 

fuzzy math

  • Stubble
  • **
  • Posts: 164
  • Location: PNW ---> Midwest (for now)
Just wanted to say that your DH will have a much easier time finding a job once he is physically in the US. I am guessing a lot of employers may look at a resume, see someone is out of the country, and assume they will need sponsorship (even if his cover letter or other details makes it obvious he doenst). People overlook that stuff very easily and in a field with multiple applicants, any little thing can get you kicked out of consideration. Also he would have a much easier time physically presenting himself to potential employers as well as following up. If your risk tolerance is ok enough, I;d suggest he move back especially if he's miserable. What good is him earning money there if he can't legally send it to you?

Double Yu

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Age: 46
  • Location: in a city that also starts with W
  • W is for Wanderbird
If your risk tolerance is ok enough, I;d suggest he move back especially if he's miserable. What good is him earning money there if he can't legally send it to you?

Hi fuzzymath, you know, when I read your post, my first thought was "well, nope, our risk tolerance is pretty intolerant right now" but then I had the most amazing, slowly dawning realization...

If, in fact, there are non-academic jobs for someone with DH's skillset and interests and experience ... and, if in fact, they pay more than the "meh" amount he's currently being paid (say, enough of a bump upward to cushion swallowing the loss in the first year)... then HOLY CRAP, fuzzymath is absolutely RIGHT!!

Prior to this whole conversation, the assumption was: DH is in academia, if he's lucky enough to land something in the US, it'll most likely be a low-paid, low-rank position that we'll thank our lucky stars for but that won't give much padding to the finances. But now, putting all the pieces together - we're going to Skype sometime this week and crunch numbers and see exactly what we have to lose by his cutting the losses and getting the hell out of hell.

So, thank you for that!
Why, yes I AM all over the map!

Double Yu

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Age: 46
  • Location: in a city that also starts with W
  • W is for Wanderbird
And thanks, Lepetitange3, for your kind words. Dad is actually suffering a series of health problems that have him in the hospital (after 2 ER visits in the last 4 days) and he may be off to skilled nursing.

There was no way I could have continued as things were, for sure.


eta: oops, there were 3 ER visits in there. It's all a big blur :/
« Last Edit: July 11, 2017, 11:15:53 PM by Double Yu »
Why, yes I AM all over the map!

Lepetitange3

  • Bristles
  • ***
  • Posts: 356
And he doesn't have to quit academia entirely.  I still published the entire time I was in the govnt sector because I do love that stuff.  When I retired to a small town, the local college offered me a gig as a professor, one I would have gladly taken years and years and years ago.  I turned it down.  Didn't need it anymore.  I research and publish what I like, when I like.  And I have a cushy gov retirement so I don't need to be a professor for the $$

Kathryn K.

  • Stubble
  • **
  • Posts: 122
Sounds like you are having some warp speed paradigm shifts (in corporate speak) in terms of your dad's care and options for your DH's employment - awesome!  In your case, I think those big boulders will be key in terms of improving your financial situation rather than the more tactical approach of whether to have a gym membership or not, etc.

Also, if you'd like to keep this going as a journal, you can ask the mods to move this thread to that section.  There's a very nice and supportive group of commenters there.

Double Yu

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Age: 46
  • Location: in a city that also starts with W
  • W is for Wanderbird
And he doesn't have to quit academia entirely.  I still published the entire time I was in the govnt sector because I do love that stuff.  When I retired to a small town, the local college offered me a gig as a professor, one I would have gladly taken years and years and years ago.  I turned it down.  Didn't need it anymore.  I research and publish what I like, when I like.  And I have a cushy gov retirement so I don't need to be a professor for the $$


d-a-m-n

0.O

the mind boggles...
Why, yes I AM all over the map!

Double Yu

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Age: 46
  • Location: in a city that also starts with W
  • W is for Wanderbird
...In your case, I think those big boulders will be key in terms of improving your financial situation rather than the more tactical approach of whether to have a gym membership or not, etc.

yeah, though I posted the spending breakdown (trying to follow case study "protocol") I realized where the real conversation needed to be. I mean, I AM still rolling the gym membership around in my mind, but...

Quote
Also, if you'd like to keep this going as a journal, you can ask the mods to move this thread to that section.  There's a very nice and supportive group of commenters there.

I just may consider it!
Why, yes I AM all over the map!

Freedomin5

  • Bristles
  • ***
  • Posts: 337
  • Location: China
Re: money transfer woes and inconsistent remittances

I frequently transfer money from China to N. America, and I do it pretty much on a monthly basis without asking Chinese locals for help. Have you looked into this option? (Copied from an expat forum post, see below)

---
The BEST and most SIMPLE way for ME is:

1. get a simple Chinese bank card from any bank. It just needs to be union pay. (pretty sure they ALL are nowadays)
2. Write down the number on the front so you can deposit money into it.
3. (the hardest step) Give the card to someone who you can trust that lives in the country you want to transfer money to. (friend/family)
4. Deposit money (RMB) into your bank card (no fee, no limit)
5. The person uses your card at an ATM to widthdraw money in your home currency (Just need to find a union pay ATM, which are worldwide now, I didnt know that at first! so many banks accept union pay)
6. They can deposit money into your home bank etc etc.

Risks: if someone steals your card, or the person is no longer trustworthy, just dont deposit any more money into that bank card.
Fees: When they widthdraw money at your home ATM, the exchange rate is very very close to the actual rate and the fees are about 2% which i think is better than most of the methods above, unless you are really transferring a lot.
---

Another method is to use a money exchange service where the company needs rmb and gives you US dollars. The money never leaves China because basically you etransfer rmb from your Chinese account to their Chinese account in China, and they etransfer USD from their US account to your US account. This is more of a gray area, but is way more convenient than standing in line for three hours at the local Chinese bank.

Double Yu

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Age: 46
  • Location: in a city that also starts with W
  • W is for Wanderbird
Thank you, Freedomin5, what a great idea! I've sent a message to my husband to see if his bank acct. has a UnionPay card. There seems to be a UnionPay ATM about 15 miles from our town, so that could work - though I'd have to figure out if 30 miles (~$2-3 each trip) plus ATM fees would be worth it in the end. Right now, to wire, we get charged $15 on the US end and I'm not sure how much on the China end.

Do you happen to know if they have daily withdrawal limits?
Why, yes I AM all over the map!

Freedomin5

  • Bristles
  • ***
  • Posts: 337
  • Location: China
I think it depends on the bank that issues the card, but the Union Pay website says 10,000 RMB per day, so approx. $1400-$1500 USD depending on the exchange rate.

Definitely check into how much it costs to wire money on the China end. I think it varies by bank. For example, last time I checked, Bank of China charged me a percentage of the amount being wired, up to a max of 300 rmb (~$50 USD). Also, both the remitting bank and the receiving bank charges fees. It's like double dipping.

Double Yu

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Age: 46
  • Location: in a city that also starts with W
  • W is for Wanderbird
Some small updates...

a UnionPay bank card will make its way to me in August - DH will look into wiring fees for that account (he can actually wire up to $50,000/year with that account but we'll decide if it makes more sense for us to just have the card in the US and access funds that way). Thanks Freedomin5, for that tip.

Also, I logged in the Soc Security website today - haven't gotten one of those annual reminders from them in years and I thought, gosh, I should just see how far I am from qualifying... and see how one goes about paying into it based on self-employment income and without an employer...

Mind blowing, doing that!

Turns out I HAVE reached my minimum quarter units or whatever they're called and I'm not recalcitrant in paying my contribution at all - it's automatically part of what I pay in income taxes!!

I had no freaking idea!

I mean, it's still kinda piddly, - if I start drawing Soc Sec at 65 or what have you, it's currently $600/mo -- but that's $600 more than I figured I'd ever get, so...

yipppeee!
Why, yes I AM all over the map!

lhamo

  • Walrus Stache
  • *******
  • Posts: 5367
  • Location: Seattle
Good news on the SS front!  What would the family benefit be?  That can help to offset the need for/reduce the cost of disability or life insurance, at least for as long as you have minor kids at home.
Wherever you go, there you are

Lepetitange3

  • Bristles
  • ***
  • Posts: 356
Excellent!

Double Yu

  • 5 O'Clock Shadow
  • *
  • Posts: 53
  • Age: 46
  • Location: in a city that also starts with W
  • W is for Wanderbird
oh I only glanced at that so can't answer offhand - but youngest kid is only a minor for another 9-10 months so... ?
Why, yes I AM all over the map!